But Dr Lowe said these changes were a “positive development” from a risk-management perspective.

“Households are using some of their income growth to build bigger financial buffers, and this should hold them in good stead in the uncertain world in which we live,” Dr Lowe told the Australian Economic Forum 2011 yesterday.

Australia’s household savings ratio has averaged about 10 per cent in recent years as consumers, spooked by the global financial crisis, put aside more of their income as protec­tion against an uncertain future.

Dr Lowe said consumers were spending less on goods and more on services.

“There has been a gradual shift in household preferences away from goods and towards experiences,” he said.

Dr Lowe said these changes in saving and spending patterns were also the result of higher housing and debt levels, as well as declines in financial asset prices.

“Higher housing prices have required higher deposits and this requires more savings,” Dr Lowe said. “Saving decisions today are also likely being influenced by the earlier rise in debt levels relative to incomes and by debt servicing burdens that are staying higher for longer.”

Dr Lowe said uncertainty about the global economy meant households would probably maintain their high-saving behaviour.

“Over the period ahead, the way in which households respond to the global uncertainties and the continuing growth in their incomes will, no doubt, have an important bearing on developments in the Australian economy,” he said.

The RBA this month kept its cash rate unchanged at 4.75 per cent for a ninth meeting, the longest period of policy stability in five years.

The International Monetary Fund this week slashed its forecasts for global economic growth, warning that the world economy has entered a “dangerous new phase”.

The IMF now expects the world economy to expand 4 per cent in 2011, compared with the 4.3 per cent it was predicting in June. Next year’s global growth forecast was also downgraded by the IMF to 4 per cent from 4.5 per cent.

The IMF also lowered its projection for Australian economic growth in 2011 to 1.8 per cent from the 3 per cent it was estimating as recently as April, which is roughly comparable with the RBA’s year-average forecast of 2 per cent.

Australian economic growth is expected to accelerate to 3.3 per cent next year, according to the IMF.